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The Asia-Pacific (APAC) - Coronavirus test kits market size is estimated to decline at a CAGR of 24.44% between 2022 and 2027. The market size is forecast to decrease by USD -12.48 billion. The growth of the market depends on several factors that play a crucial role in the market's growth, such as the rise in availability of various types of test kits in APAC, the growing awareness and importance of early detection, and the Implementation of mass testing programs by governments.
This APAC coronavirus test kits market report extensively covers market segmentation by end-user (government and non-government), and type (rapid test kit, RT-PCR, and others). The report also covers an in-depth analysis of drivers, trends, and challenges.
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Growing awareness and importance of early detection is the key factor driving the market growth. The APAC region has been witnessing a growing awareness and emphasis on the early detection of the coronavirus, leading to an increased demand for test kits. This trend can be attributed to several factors, including the rising number of COVID-19 cases, government initiatives, and public awareness campaigns. Governments have been actively working toward expanding testing capacity and ensuring that test kits are readily available to the public.
Furthermore, the growing importance of early detection can be seen through the increasing demand for Asia-Pacific (APAC) - Coronavirus test kits market. Several local Asia-Pacific - coronavirus test kits market players have witnessed a surge in sales of test kits as the public becomes more aware of the benefits of early detection. For example, in January 2022, Mylab Discovery Solutions Pvt Ltd (Mylab Discovery Solutions) reported a sale of 0.5 million rapid test kits between 1 and 7 January 2022 in Mumbai. Therefore, these factors are expected to grow the demand for coronavirus test kits, which will propel the growth of the coronavirus APAC - test kits market during the forecast period.
The advent of SARS-CoV-2 mutation is the primary trend in the market. The population of circulating viral strains, also known as lineages, has undergone genetic diversity as a result of the gradual mutation of the SARS-CoV-2 virus. This genetic variation may impact the properties of the virus, such as transmission or the severity of symptoms in infected individuals. A SARS-CoV-2 coronavirus variation known as omicron first surfaced in November 2021. The WHO classified it as a variant of concern that drives the Asia-Pacific - coronavirus test kits market.
Furthermore, the omicron variant is responsible for the largest surge since 2019. Thus, the increasing number of COVID-19 variants will drive the demand for APAC - coronavirus test kits market. Thus, such factors will fuel the growth of the market in focus during the forecast period.
Threats associated with counterfeit testing kits is a challenge that affects the growth of the market. Widespread testing has emerged as the need of the hour in several countries to combat the COVID-19 pandemic. However, the APAC - coronavirus test kits market is facing challenges due to the availability and sales of counterfeit products. Private clinics, labs, and go-between distributors in several countries, such as Italy, India, the UK, the US, and Spain, are engaged in the illegal trading of counterfeit coronavirus testing kits.
Furthermore, the complex nature of the supply chain and the fragmented wholesale Asia-Pacific (APAC) - COVID testing kit market are the major reasons for the sales of counterfeit test kits in several countries. Such testing kits enter diversified geographies across APAC through online sales and arrive mainly via postal or courier services in containers with forged certificates. Thus, such factors may impede the growth of the market during the forecast period.
The government segment is estimated to witness significant growth during the forecast period. Government support to expedite COVID-19 diagnosis in APAC countries such as Singapore, China, South Korea, and India is likely to boost the growth of the government segment in the Asia-Pacific (APAC) - COVID testing kit market. Government regulatory authorities have eased regulatory compliance by establishing provisional authorization for new launches. This has allowed the rapid entry of new and improved testing kits in APAC.
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However, YoY growth for testing in 2021 and onwards will be low as compared to 2020. With the increasing incidences of COVID-19 owing to the COVID-19 variants, the testing will continue, which will fuel the demand for coronavirus test kits in the APAC region from government segments, which will propel the growth of the coronavirus test kits market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The APAC coronavirus test kits market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
APAC Coronavirus Test Kits Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 24.44% |
Market growth 2023-2027 |
USD -12.48 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
-15.64 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3D Biomedicine Science and Technology Co. Ltd., Abbott Laboratories, altona Diagnostics GmbH, BGI Group, Bio Rad Laboratories Inc., CAMTECH DIAGNOSTICS, Co Diagnostics Inc., Danaher Corp., Denka Co. Ltd., Edinburgh Genetics Ltd., F. Hoffmann La Roche Ltd., Genes2Me Pvt. Ltd., Guangzhou Wondfo Biotech Co. Ltd., Hologic Inc., JN Medsys Pte. Ltd., KogeneBiotech, Kurabo Industries Ltd., Maccura Biotechnology Co. Ltd., Mylab Discovery Solutions Pvt Ltd., QIAGEN NV, Sd Biosensor Inc., Seegene Inc., SolGent Co. Ltd., Sysmex Corp., Tata Sons Pvt. Ltd., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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